Goldman Sachs Real Estate Finance Trust Expands Portfolio With Industrial, Multifamily Acquisitions

Goldman Sachs Real Estate Finance Trust Inc., a non-traded real estate investment trust managed by The Goldman Sachs Group, announced two sizeable additions to its investment portfolio this month, securing a New Jersey industrial property loan and originating a new mortgage for a Phoenix multifamily asset.

On May 16, the company, through a wholly owned subsidiary, acquired a floating-rate, first mortgage loan totaling $54.6 million outstanding from Goldman Sachs Bank USA, an affiliate of Goldman Sachs & Co. LLC. This loan is collateralized by the “NJ Industrial Portfolio,” a collection of 12 flex-industrial buildings spanning 803,000 square feet across Burlington and Camden counties, New Jersey. The mortgage has a total commitment of $74.3 million and an initial three-year term, with two one-year extension options contingent on borrower performance. Monthly payments for this loan are interest-only, at a rate of one-month term secured overnight financing rate plus 2.85%.

The NJ Industrial Portfolio loan was originally originated by Goldman Sachs Global Banking & Markets, or GBM, in February 2024.

Just days later, on May 22, 2025, the Goldman Sachs REIT directly originated a new $52.5 million floating-rate, first mortgage loan. This loan is secured by the “Phoenix Multifamily,” a 360-unit multifamily property, and is intended to refinance the property’s existing debt. This loan features an initial two-year term with three one-year extension options, subject to predefined borrower conditions. Interest-only monthly payments are set at a rate of one-month term SOFR plus 2.55%.

All of this activity followed AltsWire’s May 5 article, which reported that the REIT had tripled its lending capacity and separately announced details of recent loan originations across various property types and markets in California, Colorado, North Carolina, and Texas.

Through its indirect, wholly-owned subsidiary, REFT Charles Street LLC, the company increased the limit on its master repurchase agreement with Citibank, N.A. As of the beginning of May, the facility provides asset purchases by Citibank of up to $750 million, supporting the subsidiary’s acquisition and origination of floating-rate whole loans, senior participation interests, and mezzanine loans. The rest of the terms of the original January 2025 agreement, which had a facility size of up to $250 million, were unchanged.

The company announced distributions per share for each outstanding class of its common stock – Class S, Class I, non-voting common stock, and Class F-I – for the month of April 2025. On or about May 10, 2025, the company will pay a regular distribution in the amount of $0.166 per share and a special distribution of $0.044 per share.

For the three months ended March 31, 2025, the company declared aggregate distributions of $3.5 million. The REIT had $1.1 million of distributions declared but not paid included in distributions payable in the company’s consolidated balance sheet, of which $0.1 million was due to related parties.

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